The City of San José processes requests for payoff demands of existing homebuyer and home repair loans, and affordability restrictions (i.e. How to fill out the Payoff Request Letter Templates?A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. The release is what removes the lien, which in your case isn't there. Mr. Speaker, I ask that Members join me in wishing Lance Corporal David. The Company previously sold participations in certain residential mortgage loans to buyers in the secondary market. A graduate of San Jose State. Signs That Commercial markets Will not Fill the Gaps Soon.